Key Points
Bengaluru: Indias technology and tech services industry is expected to conclude FY24 with net revenues of $253.9 billion, up by a modest 3.8% from a year earlier in a difficult year for bellwether information technology (IT) services companies..
In its Strategic Review released on Friday, industry body Nasscom said that the sector will have to navigate weak contracts and subdued hiring activityfactors that impacted Indian IT firms through 2023..
Despite spending by IT firms declining 50% and contracts falling by 6% compared to a year ago in 2023, Nasscom president Debjani Ghosh echoed the sentiments of chief executives of leading IT firms on the sectors resilience in addressing the challenging environment..
According to Nasscom, IT exports were projected to grow at 3.3% to $199 billion by March, while domestic revenue for IT services companies were expected to grow at a faster pace of 5.9% to $54.4 billion on the back of continued government and enterprise investments in emerging technologies..
Sindhu Gangadharan, vice-chairperson of Nasscom, said Indian GCCs account for 50- 70% of global tech and operations headcounts, with 1,500 GCCs and 1.66 million people, contributing to a market size of $46 billion..
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